Global real-time payments have reached new heights, with a record-breaking 266.2 billion transactions in 2023. This represents a significant year-over-year growth of 42.2%, according to the latest Prime Time for Real-Time report by ACI Worldwide and GlobalData.
The report, now in its fifth edition, delves into the success of leading real-time payments markets worldwide. Highlighting countries like India, Brazil, Indonesia, Malaysia, and the Netherlands, the report examines the factors driving the growth of real-time payments in these regions and the use cases that have propelled their ecosystems forward.
Collaboration is key to the success of real-time payments, with financial institutions, payment service providers, central banks, government entities, merchants, and other stakeholders working together to build and operate efficient ecosystems. Fostering a fintech-rich environment is also crucial, as smaller banks and fintechs are playing an increasingly significant role in driving real-time payments.
Merchant adoption and innovative use cases are vital for real-time payments to thrive. Countries like India have seen success by removing merchant discount rates and incentivizing the acceptance of real-time payments. Consumers across successful markets are now embracing real-time payments for a variety of transactions, from utility bills to shopping trips.
Cross-border real-time payments are also on the rise, with Asian countries leading the charge. Countries like India and Malaysia are paving the way for seamless cross-border payments, enabling users to make transactions in multiple countries with ease.
As the industry faces new challenges, including evolving fraud attacks, efforts to combat these issues are underway. Consumer rights initiatives, education programs, and advanced fraud detection technologies are being deployed to safeguard real-time payment ecosystems.
Overall, real-time payments hold immense potential for driving economic growth, financial inclusion, and innovation. Banks are encouraged to maximize the benefits of real-time payments in their markets to secure their role in the future of payments.
The Prime Time for Real-Time Global Payments report provides a comprehensive overview of the real-time payments landscape, offering valuable insights for industry stakeholders and policymakers.
